PowerFleet slumps on stock offering

PowerFleet

28/01/2021 15:35

** PowerFleet Inc  PWFL.O  shares down 10.2% at $7.19 as
Internet of Things (IoT) solutions provider raises equity
    ** Shares slump as much as 22% to $6.26 in early trade and
on track for biggest one-day pct drop since Mar
    ** PWFL sells 3.85 mln shares at $6.50, raises $25 mln for
general corp purposes, including potential acquisitions and
repayment of debt  urn:newsml:reuters.com:*:nGNXbHcF3N
    ** Offering price represents ~19% discount to stock's Weds
close
    ** Canaccord Genuity sole bookrunner
    ** Co has 31 mln shares outstanding and 28.76 mln of free
float, per Refinitiv data
    ** With move on Thurs, stock off ~3% YTD, following 14% gain
in 2020

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))